Coinspeaker Binance to Pause Optimism (OP) Deposits and Withdrawals for Network Upgrade
World’s leading cryptocurrency exchange Binance has shared its intention to support the upcoming Optimism (OP) network upgrade. This is according to a Friday announcement that was published on its official website.
As per the announcement, the platform will temporarily suspend deposits and withdrawals on the Optimism network. The move is one way Binance intends to prepare for the network upgrade and hard fork, which is scheduled to take place on January 9, 2025.
As Binance confirmed in the post, the suspension will go into effect one hour before the update begins, at 18:00 UTC. That is, at 17:00 UTC on the day. According to the exchange’s calculations, this temporary pause is necessary for a smooth transition during the update. Not only that, but also to ensure that users continue to enjoy seamless experiences even after the update is complete.
No Impact on Optimism Trading Activities, Binance Assures
While deposits and withdrawals will be on hold, Binance has confirmed that users can still trade Optimism OP tokens $1.89 24h Volatility: 5.0% Market Cap: $2.56 B 24h Vol: $377.49 M in their usual ways. This means that they can buy, sell, and swap their tokens at will during this period. To ensure this, the exchange has assured its users that it will handle all the technical details that the upgrade may require. In other words, users will not need to take any action as everything related to the transition would have been done by Binance on their behalf.
Meanwhile, Binance has also reminded its users that the suspension is only temporary. The platform says it will lift the suspension once it is 100% certain that stability has returned to the upgraded network.
Additionally, Binance says that it will not make any further announcements regarding the reopening of deposits and withdrawals. This means that users will only know when they will be able to make deposits and withdrawals.
Optimism Update
Optimism is a popular Layer 2 scaling solution for Ethereum. However, its upcoming upgrade is not exactly a new thing. Networks usually undergo regular upgrades to improve performance and enhance user experience. These upgrades are extremely important if the network is to maintain its efficiency and reliability, especially as user demand continues to grow.
In light of this recent announcement, it may be in users’ best interest to plan their transactions accordingly. This is especially true for those looking to avoid any forms of inconvenience that the suspension may bring.
Once again, this action by Binance is further proof of its commitment to user satisfaction and network stability. Especially during times of network upgrades.
For Optimism, on the other hand, updates like the one coming should greatly serve its purpose and growth. More so, as it strives to achieve prominence in the area of scalability and efficiency within the crypto space.
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Binance to Suspend Optimism (OP) Deposits and Withdrawals Ahead of Network Upgrade
